The parent company of Olive Garden, Yard House, LongHorn Steakhouse, The Capital Grille and other brands has agreed to acquire Ruth’s Hospitality Group, owner and operator of Ruth’s Chris Steak House, for $21.50 per share, in an all-cash deal valued at $715M.
Founded in 1965 and famed for its signature “sizzling” steaks and extensive wine list, Ruth’s has 154 locations around the globe, including 80 company-owned or -operated restaurants and 74 franchised restaurants. It had total revenues of approximately $506M in 2022. Same-store sales at company units increased 13.8 per cent year-over-year.
Ruth’s will be part of Darden’s fine-dining portfolio, which includes The Capital Grille, Seasons 52 and Eddie V’s.
“Ruth’s Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests,” Rick Cardenas, President and CEO, Darden. “It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth’s Chris is a great complement to our portfolio of brands, and I’m pleased to welcome their nearly 5,000 team members to Darden.”
